According to Census data, the U.S. is a rapidly aging country, and more than 22 percent of the population is 60 and over. A new study from Rent Cafe shows where the highest number of retirees are living, and what may be the reason for the popularity of these cities. Over the last decade, the 60+ demographic grew bigger and faster than the rest of the nation, it also helped push the national median age to the highest it’s ever been, from 36.7 in 2007 to 38.1 in 2017.
The report indicated that the overall aging of the population is partly due to declining birth rates following the 2007 Great Recession, but also the result of the baby boomers, America’s largest living adult generation, passing age 53 in 2017. And with higher life expectancy, this trend will likely continue, but which parts of the country have contributed more to this rapid aging of America?
Here are top10 cities that showed the largest bump in seniors: Austin,Texas,113 percent; Phoenix, Arizona,112 percent; Fort Worth, Texas, 95 percent; Jacksonville, Florida, 83 percent; Charlotte, North Carolina, 66 percent; Dallas, Texas, 62 percent; Houston, Texas, 61 percent; San Antonio, Texas, 59 percent; Louisville, Kentucky, 58 percent; and Denver, Colorado, 20 percent.
In terms of total numbers, the 60+ population is expected to grow to an estimated 18.6M by 2035 and will become the second largest group of renter households, surpassing those aged 34 and under. This growing share of older Americans is bound to have an impact on the U.S. real estate market. This is a generation of people that witnessed firsthand the impact of the 2007 housing crisis and the re-shaping of the economy, forcing most of them to give up their homeowner status and move into rental apartments. It’s important for developers to acknowledge the particular housing needs of older renters and make sure that they are being met.
Read the full report here.